Will intervention work?

There has been a distinct intensification of official concerns about the strength of the euro and its impact on the eurozone economy, especially in France and Spain. This is perhaps not surprising, given that these are two of the countries in Europe where there has been the biggest loss of competitiveness over recent years. In contrast, there has been a conspicuous absence of comments from German officials, primarily reflecting a major improvement in the country's competitiveness. This is